KARACHI: Concluding preliminary investigation into a multi-billion sugar scam in Sindh, the Federal Investigation Agency on Tuesday charge-sheeted two suspects for fraud and money laundering.
The suspects were arrested by the FIA’s commercial banking circle earlier this month during a countrywide crackdown against the sugar mill owners and dealers allegedly involved in the artificial increase in the commodity’s price.
The charge sheet, submitted in the court of Judicial Magistrate Dur-e-Shahwar, said that the investigators discovered 16 WhatsApp groups in which the sugar mill owners, brokers and dealers colluded as a mafia to manipulate the market and dishonesty, minting Rs110 billion. It said that the suspects hoarded the sugar and spread lies about its impending shortage, hence raising its price. It said that suspects played Satta (price-fixation scheme) on the commodity.
“The sugar stocks were lying unsold or sold/unlifted in the mills and the demand-supply gap of the essential commodity was ‘artificial’,” the report said. “Meanwhile, the ex-mill price of sugar went from Rs69 to Rs90 in March.”
Court also observed that it would not intervene in the policy matters of the government
FBR chairman categorically stated that transfer posting remains a prerogative of government
Committee decided to postpone discussions on the rejoining of former party members until Imran Khan’s release,...
ECP constituted appellate tribunals to hear the election petitions against the victory of the returned candidates
Move regarding reconstitution of VC search committees is likely to draw criticism from stakeholders, as HED of Punjab...
Through an official advisory all the provincial government officers and subordinate employees were introduced to the...